WASHINGTON, March 25 (Reuters) - EchoStar Communications Corp. , the satellite TV broadcaster whose attempt to buy Hughes Electronics Corp. last year failed, reduced its chief executive officer's bonus by 50 percent, a U.S. regulatory filing on Tuesday showed.
CEO and Chairman Charles Ergen, 50, was given a $375,000 bonus in 2002 instead of $750,000 he received the previous year. He did not receive a raise from his $250,000 salary.
Compensation for top executives were outlined in a proxy statement filed with the Securities and Exchange Commission by EchoStar, which said Ergen's compensation has been "substantially" lower that his counterparts at other similar sized companies.
The Littleton, Colorado-based company's proposed $18 billion acquisition of Hughes , which is 80-percent owned by automaker General Motors Corp. , collapsed in December after regulators opposed it.
The company said earlier this month that its fourth-quarter net loss mushroomed due to a huge charge from its botched attempt to buy Hughes but posted a revenue increase of 15 percent.
Ergen, who co-founded EchoStar, told investors that he "messed up" by betting the Hughes acquisition would work but that the company would have fewer distractions this year.
EchoStar ended 2002 with 8.18 million subscribers, 1.35 million more than the previous year, and said it expected at least 1 million net new subscribers in 2003.
As in the previous year Ergen, who is the biggest shareholder, did not receive any stock options but gained $2.56 million after exercising stock options, according to the annual report to shareholders.
Dish shares, which have ranged from $13.41 to $28.75 in the last 52 weeks, closed down 59 cents, or 2 percent, at $28.75 on Nasdaq.